[rp]

Yale Law School, which is consistently rated as #2 after Harvard, has pass or fail w/no grades. The implication is that getting in is enough to "signal" your "quality" on the market. Compare this all other law schools where students are mercilessly ranked based on a bell curve.

[akd]

I always thought it was Harvard which was consistently rated #2 after Yale.

[rp]

You are right; I had it reversed. I will add that Harvard Law is switching to a pass/fail system in 2009.

[jfarmer]

And Stanford Law switched this year. They have a no-pass/pass/high-pass system.